Broker: Lim & Tan Securities
Date of Report: 30 March 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• The Assembly Place Holdings Ltd (TAP) (S\$0.24, unchanged):
  
  • Newly-listed community living operator delivered strong maiden results for FY2025, with adjusted NPAT up 24.2% to S\$7.7m and revenue up 42.4% to S\$27m.
  • Core Community-Driven Stays segment accounted for 93.3% of revenue.
  • Expansion pipeline of 1,490 keys and target of 10,000 keys by 2030.
  • TAP trades at 12x historical PE, no dividend. Bloomberg consensus target price is S\$0.34, implying 42% upside.

  Action: Implied BUY (based on target price & upside potential)

• Beng Kuang Marine (BKM) (S\$0.385):
  
  • FY2025 revenue S\$98.2m, gross margins expanded to 37.1%.
  • Net cash position S\$37.4m; transformation to asset-light, service-centric model.
  • Ongoing acquisition of Asian Sealand Offshore & Marine to strengthen engineering capabilities.
  • Trades at 10.7x forward PE, 2.5x PB, dividend yield 1.6%.

  Action: BUY recommended

Key Takeaways for Investors:

• TAP (The Assembly Place Holdings Ltd): Strong growth, expansion plans, and a target price of S\$0.34 suggest significant upside. Consider for growth exposure in the community living sector.
• BKM (Beng Kuang Marine): Transformation, robust cash position, and margin improvements support a BUY call for investors seeking exposure to offshore engineering services.

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